(2) Peloton only added 3,856 net digital subs last quarter. They probably didn’t want to see that metric decline so soon after going public. But makes you wonder about the software/class demand away from hardware sales. $PTON

(3) Just a reminder that peak profit margins for fitness hardware and/or classes needs to be at the peak (rate-of-change) of the phenomenon, not five years out. Ask Nordic Track, Reebok Step, Zumba, CrossFit, Bowflex, Taebo and now, SoulCycle about that. $PTON

to be fair they seem far less focused upon the digital-only subs. the engagement metrics they presented during the roadshow do not indicate any diminshing demand from bike owners — quite the opposite in fact